Discover and read the best of Twitter Threads about #SMBtwit
Most recents (22)
I gave GPT-4 a prompt to help me identify a biz to buy for the right price and right terms
Using AI as an expert M/A advisor in SMB business acquisition
Can AI be a cheat code to buy a biz?
Follow along 👀
#AcquireSMBGPT
#SMBtwit
Using AI as an expert M/A advisor in SMB business acquisition
Can AI be a cheat code to buy a biz?
Follow along 👀
#AcquireSMBGPT
#SMBtwit
We've identified a few industries to target our SMB acquisition search
Asked to identify what service industries are growing, fragmented, and have repeating revenues or clients
Asked to identify what service industries are growing, fragmented, and have repeating revenues or clients
Let's dig in on Home Health Care Services further
Help me identify a profitable niche that does not require a special license to operate?
Help me identify a profitable niche that does not require a special license to operate?
I write a lot of threads about #SMBTwit topics like search funds, SBA-funded acquisitions, and operations.
Here is a live list of my threads to date:
Here is a live list of my threads to date:
My introduction / background:
Thoughts on cold calling during the search:
Alright, #SMBTwit asks and it receives!
So, lets break down entities and how to smartly create and form your HoldCo entity structure.
Grab a mimosa, and let's dig in! 🧵
So, lets break down entities and how to smartly create and form your HoldCo entity structure.
Grab a mimosa, and let's dig in! 🧵
Step 1: Determine if there will be more than one party (e.g. partners or third party investors) at any level of the structure.
If yes, stop. Hire a lawyer. More on this below.
If no, go to step 2. (1/x)
If yes, stop. Hire a lawyer. More on this below.
If no, go to step 2. (1/x)
Step 2: If all entities will be wholly-owned (e.g. only one person or entity will own each subsidiary), determine entity form (C Corp or LLC, generally).
If C Corp, stop. Hire a lawyer. More on this below.
If no, go to step 3. (2/x)
If C Corp, stop. Hire a lawyer. More on this below.
If no, go to step 3. (2/x)
Med spa franchising. Let’s talk about this fast growing 📈 industry through a Q&A. There has been a lot of interest in the #smbtwit through my DMs lately so perhaps I can shed some light on the basics of what to expect as an investor or a startup zor in this space.
🧵 👇🏼
🧵 👇🏼
Q1: Are there medical laws governing med spa franchise concepts?
A: Yes. Medical and health laws will dictate how you structure the biz, the flow of fee payment, and staff you will need to perform services. Fed and state laws include HIPAA, CPOM, Stark, anti-kickback, etc.
A: Yes. Medical and health laws will dictate how you structure the biz, the flow of fee payment, and staff you will need to perform services. Fed and state laws include HIPAA, CPOM, Stark, anti-kickback, etc.
Q2: What med spa concepts are governed by medical laws?
A: If they offer medical services such as IV, your franchise needs to be owned by a P.C. with you handling admin or you will contract with a medical director (depends on state laws). Some concepts do not offer med services.
A: If they offer medical services such as IV, your franchise needs to be owned by a P.C. with you handling admin or you will contract with a medical director (depends on state laws). Some concepts do not offer med services.
The 27 best 🧵 threads of 2022 for small business & entrepreneurship
The amount of free value in one spot is mind blowing 🤯 👇
The amount of free value in one spot is mind blowing 🤯 👇
First, threads are not in any particular order
Second...the competition.
-> the tweet with the highest [like to view] ratio will be crowned best thread of #SMBtwit for 2022
So smash the like button on the ones you think should win (multiple votes allowed!)
Second...the competition.
-> the tweet with the highest [like to view] ratio will be crowned best thread of #SMBtwit for 2022
So smash the like button on the ones you think should win (multiple votes allowed!)
(1/27) @SMB_Attorney: 101 introduction to buying a small business
How to create a PASSIVE deal flow funnel for equity investments in self-funded search deals?
In 2022, I analyzed over 100 of these and made investments in 4
In this 🧵 I'll show you the 5 ways I get deals
In 2022, I analyzed over 100 of these and made investments in 4
In this 🧵 I'll show you the 5 ways I get deals
1. Searchfunder Passive
Searchfunder is an ETA online forum
searchfunder.com -> register as an 'investor'
Make sure your title and biography clearly outlines:
1) you're an active investor
2) check size range
3) your unique value add
Searchfunder is an ETA online forum
searchfunder.com -> register as an 'investor'
Make sure your title and biography clearly outlines:
1) you're an active investor
2) check size range
3) your unique value add
2. Searchfunder
Go to Searchfunder > PPMs section> Setup to only see 'self-funded search'
View their profiles and click 'request ppm'
I see there are over 250 self-funded serachers who you can request a PPM from
My guess is a fraction need equity today so work for you
Go to Searchfunder > PPMs section> Setup to only see 'self-funded search'
View their profiles and click 'request ppm'
I see there are over 250 self-funded serachers who you can request a PPM from
My guess is a fraction need equity today so work for you
My wife bet me I couldn't get to 1,000 followers on Twitter in a month
She was wrong.
I did it in 2 weeks! (from 55 followers)
I had a winning playbook and it worked:
She was wrong.
I did it in 2 weeks! (from 55 followers)
I had a winning playbook and it worked:
First, to my first 1,000 followers
Thanks for engaging with me
#SMBTwit is the community I focus on (think #RETwit but with only smart people)
I buy businesses…and want to connect with other investors and entrepreneurs
Let's give away some secrets...
Thanks for engaging with me
#SMBTwit is the community I focus on (think #RETwit but with only smart people)
I buy businesses…and want to connect with other investors and entrepreneurs
Let's give away some secrets...
My results in 2 weeks:
-600,000 impressions (WHAT??)
-30,000 profile visits (WHAT?? How that even is possible but OK)
-1,001 followers
-95 inbound DM convos
-12 investment deals
-video calls with >30 people so far (this has been the most enjoyable)
-600,000 impressions (WHAT??)
-30,000 profile visits (WHAT?? How that even is possible but OK)
-1,001 followers
-95 inbound DM convos
-12 investment deals
-video calls with >30 people so far (this has been the most enjoyable)
What does a Self-Funded Searcher Pitch Deck look like? I found thousands of exampls of VC/Startup decks online but no great example for SFS's seeking gap equity investment. Here's what I included... what's missing?
🧵
#searchfund #selffundedsearcher #ETA #buythenbuild #smbtwit
🧵
#searchfund #selffundedsearcher #ETA #buythenbuild #smbtwit
Slide 1. About: Rough summary of the deal (company) under LOI and the fact that I am a self-funded searcher. Light on content without financial data.
Slide 2. Industry: This is the "Problem" with facts about the industry the company operates in and current market conditions.
Yesterday, I attended the Entrepreneurship Through Acquisition Conference at Harvard Business School.
A few quick highlights from the panel discussions:
- Good searchers know no deal is perfect; have to find something “good enough” and become comfortable with identified risks
A few quick highlights from the panel discussions:
- Good searchers know no deal is perfect; have to find something “good enough” and become comfortable with identified risks
- Good searchers know to spend majority of time at top of the funnel (initial sourcing) or bottom (execution); learn to say yes or no quickly
Most important criteria to investors when thinking about target analysis:
- Mission Criticality -> enables pricing power & stickiness
Most important criteria to investors when thinking about target analysis:
- Mission Criticality -> enables pricing power & stickiness
- “Multiple Ways to Win” -> ability to grow through multiple avenues (i.e. acquisition, price increases, further market penetration)
- High # of Targets
- Industry fit with searcher background / experience
- Simplicity to understand and operate
- Small % of customers P&L
- High # of Targets
- Industry fit with searcher background / experience
- Simplicity to understand and operate
- Small % of customers P&L
Selling a business can be confusing.
Here's the full checklist you need to prepare for a sale...
Here's the full checklist you need to prepare for a sale...
As @simonsinek says, start with "why".
Every potential buyer will ask you that question, so it helps to have a good answer.
Ready to retire? Want to do something else? Business isn't what you expected? All are great answers, just prepare for the question.
Every potential buyer will ask you that question, so it helps to have a good answer.
Ready to retire? Want to do something else? Business isn't what you expected? All are great answers, just prepare for the question.
Determine the value of your business.
@baton_market provides AWESOME free business valuations.
Knowing how the market will value your business gives you a starting point to think about what you're willing to sell for and what the market may offer.
@baton_market provides AWESOME free business valuations.
Knowing how the market will value your business gives you a starting point to think about what you're willing to sell for and what the market may offer.
Hey #SMBtwit,
Have you ever thought about HOW you ask questions during diligence? I mean, really thought about it? Because how you ask questions matters, a lot...
🧵👇
Have you ever thought about HOW you ask questions during diligence? I mean, really thought about it? Because how you ask questions matters, a lot...
🧵👇
You're all smart people. You're acquiring a business, so you know what information you need to look for. How you unearth the info you need is very important. You need to be strategic w/ your questions. 2/13
Let's talk about 'Walking the Stairs'. @ProfAWBrooks from @HarvardHBS does a wonderful job on this topic so hopefully, if I butcher this, she can offer some corrections... 3/13
My NoCode setup for our Dog daycares has been game changing. Allows us to scale sales, customer service, and marketing across new locations and provides great insight into every aspect of the business.
He’s what we use #smbtwit #smb 👇🏻
He’s what we use #smbtwit #smb 👇🏻
It starts with @ActiveCampaign forms. We run google/Meta ads to native landing pages on our website. One form, select by location.
Active campaign conversion analytics + google + meta all get dropped into notion. More on that later.
Active campaign conversion analytics + google + meta all get dropped into notion. More on that later.
We run customers through a standard sales funnel with email automations across touch points to save customer service reps ever having to write emails.
Once they convert, we drop into both @airtable and a dog care CRM.
Once they convert, we drop into both @airtable and a dog care CRM.
Yesterday's golf tweet got this Twitter noob some much needed followers, so will post one more.
My dad used golf to teach me a huge life lesson.
Well, several actually.
🧵👇
1/9
My dad used golf to teach me a huge life lesson.
Well, several actually.
🧵👇
1/9
Despite growing up in Canada, my dad was a great golfer. The other side of scratch kind of golfer. To me, he was Lefty long before Mickelson. In his later years he tried to get his senior PGA card. He was great.
2/9
2/9
One day, he took me and my sister to play. I was 14 or 15 at the time. As always, I was hacking and he was killing it. Frustrating, yeah. I developed some golf rage back then. And that was lesson #1 – golf can bring out the worst in people and it certainly did for me.
3/9
3/9
I had a client ask me if I love what I do yesterday. 🧵👇
My reply: “Thhhhhhatttt’s a good question. Do I love what I do? Hmmmm.” At first, I was rattled I didn’t instantly respond “Yes!” I mean, shouldn’t we all be 100% jazzed about this SMB life we’ve chosen? Did my pause reveal something? (2/7)
It did reveal something. The road less travelled is less travelled for a reason. This s*it is really hard. I’ve been grinding for a decade, and it’s still a struggle. Payroll, admin work, licenses, all the ticky tack things you need to do – stressful and not very fun. (3/7)
Why will this recession be different than 2008 / 2009 for SMB? A short 🧵👇.
Tech has been democratized. There’s an app to streamline or automate so many processes. And if there isn’t, there’s an opportunity to build a low code / no code solution. Automation drives cost savings and scalability, and it’s accessible to even the smallest of SMBs. (2/5)
We live in a global village. A dr’s office in Topeka can hire a virtual assistant in Cebu to handle admin tasks. Companies like @Enshored can help. SMBs can find and qualify cost-effective resources, wherever they may be. This can be a life saver in tough times. (3/5)
As an #smbtwit newbie, wanted to introduce myself. Short 🧵👇.
Born and raised in Canada. Moved to US for grad school. Then to bulge bracket IB (DLJ / Credit Suisse) to do M&A and sponsor coverage in NYC. (2/8)
Move to SF in 1999 to join the tech M&A team. Always infatuated with tech and saw some of the craziness at the end of the dot com era. Then, DLJ got acquired by Credit Suisse and I became a member of the CS tech team – a powerhouse practice. (3/8)
🧵 Seasonal RV Park/Campground Operations - Lessons Learned
(1/12)
I've learned many lessons after my 1st season at my RV park/campground.
Some of these may be obvious to you #SMBTwit guys and gals but I am just a simple RE guy trying to run a seasonal campground.
Here goes:
(1/12)
I've learned many lessons after my 1st season at my RV park/campground.
Some of these may be obvious to you #SMBTwit guys and gals but I am just a simple RE guy trying to run a seasonal campground.
Here goes:
(2/12)
1. If you're buying your 1st park and have never managed 1, manage it yourself for a season.
You should know the park & ops like the back of your hand b4 u expect anyone else to do it effectively.
Unless u r a seasoned pro with an ops team, u should do it yourself 1st.
1. If you're buying your 1st park and have never managed 1, manage it yourself for a season.
You should know the park & ops like the back of your hand b4 u expect anyone else to do it effectively.
Unless u r a seasoned pro with an ops team, u should do it yourself 1st.
(3/12)
Furthermore, this is especially true if you are buying a park in an area that you are not already familiar with. Don't rush 2 hire someone b4 closing.
Get situated at the park, meet neighbors, network w/ local biz owners. You'll likely find a better manager that way.
Furthermore, this is especially true if you are buying a park in an area that you are not already familiar with. Don't rush 2 hire someone b4 closing.
Get situated at the park, meet neighbors, network w/ local biz owners. You'll likely find a better manager that way.
$TWTR filed its merger agreement with @elonmusk this afternoon after the market closed, so let's dig in and see what we can learn! 🧵
@elonmusk 1/ As is usually the case with public M&A, it's a reverse triangular merger. Twitter Inc. survives the merger as a private, wholly-owned subsidiary of X Holdings I, Inc. (subtle shout out to the Model X?). All-cash deal.
@elonmusk 2/ Deal is sure thing yet. Must go to special shareholder meeting, which is not a quick process. Not all SHs will approve the deal. Some will join class actions to try to extract more money. See this thread for more:
Earlier this month we shared our 1Q 2022 update with members of the DueDilio network.
Here are a few highlights 👇
Here are a few highlights 👇
1Q 2022
- 35 new service providers joined the network
- 71% increase in # of new projects compared to 4Q 2021
- 55% of projects confirmed and proposals presented
- Finance, legal, and commercial diligence are most requested
- Funded by our clients
👇
- 35 new service providers joined the network
- 71% increase in # of new projects compared to 4Q 2021
- 55% of projects confirmed and proposals presented
- Finance, legal, and commercial diligence are most requested
- Funded by our clients
👇
2Q 2022 Goals
- Upgrade visual branding and online presence
- Hire fractional CMO
- Hired content writer
- Hired paid advertising expert
- Increase number of partnerships & relationships
- Continue to grow DueDilio network of pre-vetted service providers
👇
- Upgrade visual branding and online presence
- Hire fractional CMO
- Hired content writer
- Hired paid advertising expert
- Increase number of partnerships & relationships
- Continue to grow DueDilio network of pre-vetted service providers
👇
Hey SMB people:
🧵 Looking at a biz that sells sheds and auxiliary buildings. Not much inventory, mostly custom orders taken from customers and sent to the builders. Biz receives unit from builder and delivers to customer.
What kind of multiple on EBITDA I should be targeting?
🧵 Looking at a biz that sells sheds and auxiliary buildings. Not much inventory, mostly custom orders taken from customers and sent to the builders. Biz receives unit from builder and delivers to customer.
What kind of multiple on EBITDA I should be targeting?
I have taken a lot of advice from strangers on the internet, and it has worked out great.
A bias toward action combined with a willingness to take advice can change your life.
I wanted to buy some real estate and wound up buying a business. This is how I got there.
A bias toward action combined with a willingness to take advice can change your life.
I wanted to buy some real estate and wound up buying a business. This is how I got there.
I somehow got connected to @moseskagan and @sweatystartup. They are both real estate GP’s who invest their own and other people’s money.
Good GP’s do not want money that you are losing sleep over.
Instead of taking my money, they pointed me to resources.
Good GP’s do not want money that you are losing sleep over.
Instead of taking my money, they pointed me to resources.
@moseskagan book recommendations here: kagansblog.com/start-here/
And @sweatystartup's real passion is wealth creation, not self-storage:
The lesson here is I bought Investing in Real Estate Private Equity and started focusing on #smbtwit
And @sweatystartup's real passion is wealth creation, not self-storage:
The lesson here is I bought Investing in Real Estate Private Equity and started focusing on #smbtwit
#SMBTwit! Long time lurker, first time poster. Trying to do my part in providing value to the community (with my 6 followers, I'm sure this will go far...). One thing I think is highly underestimated (or less discussed) is the mental strength required to run a business (1/12)
It's lonely out there as the SMB CEO, and many people who come from the corporate world know it's going to be hard, but don't truly realize just how it will FEEL in the tough times. And no matter how rough it was in the corporate world (100 hour weeks, bad bosses, etc.)... (2/12)
For example, I'll admit to you all I've dry heaved into a toilet before I was so f****** scared (for no reason, really, it's funny how your mind will do that to you). Never did that happen to me during in my corporate jobs where I'd work a couple 120 hour weeks in a row. (3/12)
